Second Carphone founder cashes in

DAVID Ross, co-founder of Carphone Warehouse, has followed the group's chairman and chief executive Charles Dunstone by selling shares in the company for £10.3m.

Ross sold six million shares on Friday at 172p. He still owns 194m shares, which represents 22% of the company. A spokeswoman said there was no particular reason for the sale: 'He just wanted a bit of cash.'

Two weeks ago, Dunstone also sold six million shares. He achieved a sale price of 167.23p a share, netting £10m. He still owns 299m shares, which is 34% of the equity.

The two men founded the company in 1989. Ross stepped down as chief operating officer two years ago to become deputy chairman with his role described now as in charge of strategic developments.

Alongside the share sales, Dunstone collected £5.5m in dividends this year while Ross received £3.7m.